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Monday, March 19, 2018

Exposing Corporate Insurance GREED (not all insurance)

For today's expose on corruption in the marketplace, I want to talk about Corporate Insurance...or to put it another way....Benefits, are they really?

I thank God every day that I left the corporate world to follow my own happiness.  I only made a few ventures into the world of corporate accounting, and I have definitely learned enough to keep me from ever doing it, again.  I discuss some of those stories in Shh ... Lessons Learned in My Fall From Grace. (free download)  I didn't talk about EVERYTHING I learned, there, so expect a sequel at some point in the future (maybe next year).

Benefits...are they really?

The scam is pretty well laid out.  You finished COLLEGE for a degree that financial magazines told you would make you money (funny how that works...a mag written by a business).  Then, as you took those classes (often at a for profit college by a high paid professor paid to tell you good things) using your student loans (via corporate money to get paid back with interest), you dreamed of the things you would do with your higher income.

Then, you graduate.  

Now, you face TWO realities.  First, IF you are poor, you have student loans to repay (the rich had daddy pay for school so they stay rich and you stay poor).  I will do another post on that in the near future.  However, the second thing you face, even sooner is....benefits.

Now, two important things need to be noted.  ONE...it is not all insurance companies.  There are legitimate low cost, term life policies that can cover emergency accidents or life that are worthy.  Second, it has not always been this way.  Even a few years ago it was not this bad.  However, my own testimony (witness) of what I faced, this year.

When I was forced to move back to Tulsa for my wife's lazy ex, I had an immediate need to pay for moving costs and to get setup, here.  So, I worked at my old job at IBM (a mistake) via contract doing the same job I was paid 60K to do a few years ago at 40K without IBM having to pay benefits (is happening a lot, btw...they fire someone, hire them back at lower pay without paying benefits, and the unemployment rate is unaffected).

My benefits for this job was included in my contract company's benefits package (though an IBM employee confirmed to me that is how much it costs them, too).  For a family policy, I would be paying 1300 dollars a month as my insurance payment.  Kinda high, right?  Surely, then, I am definitely covered, in case something happens.  Except...I'm not.  Before the insurance company would pay out a single dime, I would have to pay the 7000 dollar per person deductible.

So....to recap, in the event that anything happened to me that DIDN'T cost over 7,000 in one year (I have never had over that in expenses in a single year), I would STILL be paying ALL of the cost of the expense, and for this ...benefit... I get to pay them 15 thousand dollars a year.

So...I refused the insurance.  OH NO..people would say...you don't have insurance?  You are right, there is the risk that something would happen that costs more than 7,000 (since if it is less I am paying, anyway).  However, IF it were to happen, and I DID have to pay that cost, it would be tax deductible at least partially, if it exceeded the standard deduction, and that amount would be comparable to what the insurance company would have paid.

Now, I will be taking out emergency care, this month.  There are some great emergency care policies at places like Aetna that cost less than a hundred and provide thousands in the event of an emergency...they not only don't TELL  you these exist at IBM or Manpower, but they don't OFFER them to you, either.  The corporations only provide you the alternatives that are the most PROFITABLE...again, funny how that works.

I am not sure I like Bernie Sanders as a President, but I do like him as a social economist, and his plans work.  For all the heat he takes on his single payer health insurance plan, the alternative is WHAT I JUST TOLD YOU....corporate greed, while the workers get nothing, and HIS plan specifies no high deductibles.  It is the health care plan we need.

Vote democrat.

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